PLANADVISER Weekend Newsdash
Week ending August 23rd, 2019

This week, we focus on client service. Retirement plan advisers can play a big role in helping participants with their rollover decisions. As well, if they reach out to those participants who have taken hardship withdrawals to help them structure a budget, advisers might very well help those participants put their financial houses in order and avoid taking another hardship withdrawal. Related to this is the fact that many workers are saddled with debt, so, when implementing a wellness program, helping workers reduce that debt should be a cornerstone of the program. And it is also important for advisers to make themselves available for one-on-one advice when offering a financial wellness program. That way, they can prompt workers to make sound financial decisions.

 

Client Service
Participants Not Up to Speed on Rollover Options
“There can be huge consequences from making the wrong decision, ranging from taxes and penalties to higher fees and risky or poor performing investments,” says Ric Edelman, with Edelman Financial Engines. Read more >
Helping Participants After They Have Taken Hardship Withdrawals
Participants who have taken a hardship withdrawal are nearly three-times more likely to feel “always” stressed in general and three-times more likely to have “a lot” of stress about their financial situation. Read more >
Debt Inhibits Workers from Saving
Fifty-seven percent of workers would like to make their own financial decisions but have someone validate those decisions, and 31% want specific advice, PwC found. Read more >
Employers Broadening Well-Being Programs to Encompass Many Aspects of Life
Among those that are now considering physical, social, financial, community and mental health, employee productivity is higher. Read more >
Effective Financial Wellness Programs Hinge on One-on-One Advice
With only 19% of workers who are offered a financial wellness program using it, employers need to take a new approach, according to MetLife Read more >
MOST POPULAR STORIES
The New Vesting Schedule Debate
Surveys and anecdotal evidence suggest plan sponsors are shortening their plan’s vesting periods, but there remains disagreement in the industry about whether vesting schedules may in fact disappear.
The Most ‘Outrageous’ ERISA Complaints Yet Filed?

One fiduciary insurance expert who has long been tracking ERISA litigation says a spate of new complaints filed in recent weeks are the ‘most outrageous’ the industry has ever seen.

Why Are Financial Services Firms Looking to Wealth Management Leaders?
The short answer is that more financial services firms are looking at their wealth management divisions as drivers of growth; the long answer is a lot more complicated.
What Mutual Fund Fee Disparities Mean for Retirement Savings

Retail investors generally pay more fees in IRAs than in workplace plans, leading to higher costs and lower long-term savings.

GOP Attorneys General Question BlackRock on Fiduciary, Antitrust Concerns

Nineteen Republican state attorneys general signed a letter to BlackRock seeking ‘clarification on actions that appear to have been motivated by interests other than maximizing financial return.’

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